Hockmir
3 years ago
Equinor Makes Oil and Gas Discovery in North Sea
April 11 2022 - 03:35AM
Dow Jones News
Norwegian energy group Equinor ASA said Monday that it has made an oil and gas discovery close to the Troll and Fram fields in the North Sea.
As the operator of production license 293 B Equinor said, based on preliminary estimates, the size of the discovery is between 4 million and 8 million standard cubic meters of recoverable oil equivalent, or 25 million-50 million barrels of recoverable oil equivalent.
Temporarily called Kveikje, this is the sixth discovery in this area since the fall of 2019. Over 300 million barrels of oil equivalent were proven in the five former discoveries, it said.
"As we did with the other discoveries in this area, we will consider tying this discovery to the Troll B or C platform," Lill H. Brusdal, Equinor's vice president for the Troll area, said.
"By utilising the existing infrastructure, we will be able to recover these volumes at a low cost and with low emissions."
Equinor plans to drill another exploration well in the area this year, the company said.
The owners of license 293 B include Equinor with a 51% stake, DNO ASA with 29%, Idemitsu Kosan Co. with 10%, and Longboat Energy PLC with 10%.
roger wilco
4 years ago
Equinor reports surprise Q2 profit, boosted by big trading gains
Jul. 24, 2020 10:14 AM ET|About: Equinor ASA (EQNR)|By: Carl Surran, SA News Editor
Equinor (EQNR +3.2%) shoots higher after posting an unexpected Q2 profit and maintaining its $0.09/share quarterly dividend.
The Norwegian company reported adjusted net income of $646M, down from $1.13B a year ago but far better than an expected $250M loss, as the marketing division delivered record high results in the quarter, and the company also benefited from a tax refund.
Equinor also set itself apart from European competitors by not lowering its long-term crude oil price forecasts, thus avoiding huge impairments
Q2 adjusted earnings in the marketing, midstream and processing division totaled $696M vs. just $74M a year ago, compensating for losses in the international and U.S. units, but analysts caution the strong trading performance was a one-off.
The current "fragile and challenging situation in the markets" could last "for quite some time," and demand will pick up eventually but it is "highly uncertain" how and when, Equinor CEO Eldar Saetre tells Bloomberg.
https://www.equinor.com/en.html